Disagreement over money has been adjudged as one of the top reasons for divorce. Here are a number of tips that can help prevent those fights and which may ultimately save your relationship.
Avoiding The ‘money talk’
A research estimates that as much as 70 percent of couples argue about money more than household chores, time spent together, sex, snoring, and what’s for dinner. The reason is because like many other couples around the world, the subjects of the research are avoiding the ‘money talk.’
Most couples aren’t on the same page when it comes to money, and it is best you set aside time each week to have a conversation about finances; where you put everything on the table.
People often split the money conversation between household budgets/spending and investing, but it should be about all things money, including topics like spending habits, budgets, investments, and family spending history.
Sharing Every Kobo
Most financial advisors give joint bank accounts a big thumbs up simply because it helps to foster openness and teamwork when couples share responsibility for the household income. However, sharing every kobo can also lead to secrets, distrust, and blame between partners, especially if they have different spending habits and personalities.
To avoid those fights, it is best to set aside a certain amount of money for each partner to spend on whatever they want—no questions asked. This gives the couple some freedom to spend on themselves without guilt.
Letting One Person Handle The Budget
Whether you have a one-income household or both are wage-earners, having just one partner manage the household budget is something that should be avoided.
Not only can it leave one-half of the relationship in the dark when it comes to expenses, but it can also lead to misunderstanding and distrust between couples.
Many fights are based on at least one party simply not knowing or not understanding. Establish a base level of understanding, and the fights subside. Understanding each other’s strengths and weaknesses can help you decide which partner should be in charge of each aspect of the budget.
Failing To Hire A Financial Advisor
Failing to hire a financial advisor may cost you more money in the long run. When a couple pays for a financial coach, they could actually save more than their fee down the road.
After all, it’s often easier to talk about some of the emotional subjects with a third party, who can help diffuse the more uncomfortable and tense conversations if need be.
Failing To Recognize Your Differences
Whether it’s personalities, spending habits, or just growing up in separate households, the differences between you and your partner could be the reason behind your fights about money.
The fact that you and your partner were raised in different households means that you had different experiences with money, having different assumptions and goals around money, which may present reconciliation challenges.
But patience with and understanding of each other’s financial differences is key, and could end up saving your relationship.